Remittance Rate Skyrockets in Bangladeshi Community
Title
Remittance Rate Skyrockets in Bangladeshi Community
Vtmbh article article file
Vtmbh article article order
1
Vtmbh article author
Moinuddin Naser
Vtmbh article blurb
Bangladeshis are sending home more remittances at a rate of $2 to $3 million a month.
Vtmbh article body
There has been a mad dash to remit money home to Bangladesh since Sept. 11 especially now that the holidays draw near. With the Eid festival just around the corner after the holy fast of Ramzan, Bangladeshis are sending remittances at unprecedented levels.
According to Kazi Asaduzzaman, chief executive of Sonali Exchange, the average monthly remittance rate from the United States to Bangladesh has shot up to $10 million in the past three months. Prior to the terrorist attacks, this rate hovered between $7 million and $8 million.
Syed Abul Layees, owner of Sonargaon Money Transfer in Astoria, contended that his business has never been better. He said that he is getting three times the business he did prior to Sept. 11 and thats despite all of the restrictions that have been placed on remittances in recent weeks. Anyone wanting to send more than $1,500, for instance, must now submit a copy of their photo identification. It also takes a great deal longer to process remittances, thanks to tougher regulations.
According to Layees, New York Bangladeshis used to be able to send money to Dhaka in about four days. Now it takes nearly 10 days for remittances to reach the capital and as long as two weeks to reach smaller cities and towns.
This has spurred many Bangladeshis to send money back with friends and relatives who happen to be traveling home. Other alternatives include the official institution -- Sonali Exchange -- as well as private institutions like Sonargaon Money Transfer, Dollar Express, and Western Union.
According to Kazi Asaduzzaman, chief executive of Sonali Exchange, the average monthly remittance rate from the United States to Bangladesh has shot up to $10 million in the past three months. Prior to the terrorist attacks, this rate hovered between $7 million and $8 million.
Syed Abul Layees, owner of Sonargaon Money Transfer in Astoria, contended that his business has never been better. He said that he is getting three times the business he did prior to Sept. 11 and thats despite all of the restrictions that have been placed on remittances in recent weeks. Anyone wanting to send more than $1,500, for instance, must now submit a copy of their photo identification. It also takes a great deal longer to process remittances, thanks to tougher regulations.
According to Layees, New York Bangladeshis used to be able to send money to Dhaka in about four days. Now it takes nearly 10 days for remittances to reach the capital and as long as two weeks to reach smaller cities and towns.
This has spurred many Bangladeshis to send money back with friends and relatives who happen to be traveling home. Other alternatives include the official institution -- Sonali Exchange -- as well as private institutions like Sonargaon Money Transfer, Dollar Express, and Western Union.
Vtmbh article date
2001-12-02
Vtmbh article edition
2
Vtmbh article hit count
47
Vtmbh article keywords
Vtmbh article line breaks
1
Vtmbh article original language
Bangla
Vtmbh article publication
Probashi
Vtmbh article section
news
Vtmbh article thumb
Vtmbh article title
Remittance Rate Skyrockets in Bangladeshi Community
Vtmbh article translator
Source
born-digital
Media Type
article
Original Name
Bangladeshis are sending home more remittances at a rate of $2 to $3 million a month.
Created by Author
yes
Described by Author
no
Date Entered
2001-12-02
Collection
Citation
“Remittance Rate Skyrockets in Bangladeshi Community,” September 11 Digital Archive, accessed October 1, 2026, https://911.dev.chnm.gmu.edu/items/1326/.